PART VII Budgets, Financial Reports, and Management Control
Budgeting, accounting, financial reporting, and management control are the most essential tools for responsible governance, accountability, planning, and management in nonprofit organizations. The budget document is foremost a tool for maintaining financial accountability … a forum for establishing strategic goals and performance expectations … [and] a tool for holding administrators accountable for performance expectations.
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Budgeting is a process which matches resources and needs in an organized and repetitive way so those collective choices about what an entity needs to do are properly resourced. Most definitions also emphasize that a budget is an ...
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